GAZB - Natural Gas Market: Forward Curve Looks Overvalued When Set Against That Latest Storage Level Outlook
The Weather
Last week
Last week (ending April 24), the number of heating degree days (HDDs) dropped by almost 30% w-o-w (from 105 to 75). However, we estimate that total energy demand (as measured in total degree days, or TDDs) was 20% above the 30-year norm and as much as 63% above last year's level. Cooling demand remained relatively weak, but the number of cooling-degree days (CDDs) is gradually increasing.
This week
This week (ending May 1), the weather is warming up significantly. We estimate that the number of nationwide HDDs will plunge by 36%